The European Central Bank will not deviate from its ultra-loose monetary policy at its first 2017 meeting Thursday, analysts predicted, in the face of calls to tighten from critics alarmed by rising inflation.

Policymakers at the Frankfurt institution chose in December to keep interest rates at historic lows and extend mass bond-buying, albeit slowing the purchases from 80 billion to 60 billion euros (S$121.5 billion to S$91.1 billion) per month from April.

The economic consequences of Brexit and the election of Donald Trump for the 19-nation eurozone are as yet unclear and the ECB is likely to be mindful of a series of elections this year in France, Germany, the Netherlands, and possibly Italy.

"Today, in their first (ECB) meeting of 2017 they are not expected to do anything further with the most recent minutes highlighting sharp divisions between various policymakers about extensions and monthly amounts," said Michael Hewson, chief market analyst at CMC Markets UK.

"It is already thought unlikely that ECB President Mario Draghi would be able to carry the council to add additional stimulus this year in any case, particularly with a German election coming up in September," he added in a client note.